Figueroa at Wilshire, a prominent 52-story office tower in downtown Los Angeles, has changed ownership in what is reported as the largest commercial property sale in the city this year.
Sold for $210 million at $201 per square foot
According to real estate brokerage Costar, seller Brookfield Properties sold the building to Uncommon Developers, a private real estate investment firm based in the San Fernando Valley, for $210 million. The price per square foot was $201.
Colliers, the real estate services firm representing the buyer, said this marks the biggest commercial real estate transaction in Los Angeles so far in 2024, and the largest office building sale since 2023.
Brookfield originally acquired the tower as part of a broader portfolio deal in 2006, later managing it in a joint venture with institutional investors starting in 2013.
Plans to reposition and attract tenants
Uncommon Developers plans to reposition the newly acquired asset by working with Colliers to refresh property management and leasing strategies. The goal is to offer competitive rental rates and upgraded amenities to attract tenants in a downtown market facing high vacancy rates.
The tower offers approximately 1 million square feet of space and is currently 75 percent leased. Major tenants include accounting firm PwC and international law firm Dentons, which recently renewed a lease for 62,383 square feet.
Amenities at the site include a fitness center, a tenant-exclusive lounge, and electric vehicle parking spaces.
Uncommon Developers has been active in the market, having acquired two office buildings in the Hollywood area for $45 million in late 2023.
BY HOONSIK WOO [woo.hoonsik@koreadaily.com]
